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This Week in Atlanta Real Estate: City Accelerator grant, Showcase 2018 and more

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Atlanta was chosen as the newest city to participate in the Citi Initiative and Living Cities’ City Accelerator program. The $100,000 grant from the program will go towards supporting and increasing the presence of minority-owned businesses in the Atlanta area. According to Atlanta Daily World, the program will launch in Pittsburg Yard and include partnerships with One Atlanta and The Annie E. Casey Foundation.  “Creating innovative ways to build opportunity and equity through job growth, business incubation and workforce training is a priority for our Administration and our city. Our vision for One Atlanta includes a city where neighborhoods, communities and businesses thrive,” said Mayor Keisha Lance Bottoms.

In other Atlanta real estate news:

  • The Atlanta Realtors Association’s 2018 Showcase is scheduled to take place on August 23 at the Cobb Galleria Centre. For the 18th year, the real estate trade show will bring real estate professionals together for a day of seminars, networking, speakers and tools to help them get ahead in the industry.
  • Teachers play an essential role in society, but their salaries don’t match their influence. A new report form Indeed compared the average annual salary and living fees for teachers in U.S. cities to find out where teachers need to stretch their money the most to live. Atlanta ranked No. 3 on the list for cities that pay teachers the mot. In Atlanta, teachers make an average $51,539 annually. After the salary was adjusted for Atlanta’s cost of living, teachers made $53,446.
  • Old railroad company buildings in Atlanta’s South Downtown neighborhood are going to be renovated into residences. The Norfolk Southern Building, between the Gulch and Ted Turner Drive, was purchased by CIM Group last year. According to Curbed Atlanta, building permits suggested the new residences would offer 90 studios, 108 one-bedrooms and 48 two-bedrooms.  
  • Plans for a mixed-use development that was supposed to bring affordable housing to the City of Brookhaven are canceled. Atlanta Business Journal reported the city announced the cancelation in a statement, claiming they couldn’t agree with Ardent Companies on the income amount that qualified residents for affordable housing. The city and arden disputed over the area median income. The incomes in the statement ranged from $35,000 to $71,000.
  • Mill Creek Residential announced the start of the Modera Prominence. According to Curbed Atlanta, the company began construction on the apartment building on July 31. The development, located in Buckhead’s financial district, expected to be completed by early 2020. Modera Prominence will bring over 300 rentals and various amenities to the area.
  • As Atlanta’s Upper Westside grows with new developments, 8 West is set to start construction this fall for 2020 completion. The mixed-use building is backed by a $150 million investment from Atlantic Capital Properties and Gateway Ventures, according to Curbed Atlanta. 8 West will bring 264 apartments, office space and retail space to the Upper Westside.

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